By embracing the challenge of IFRS 17, firms can elevate their data collection, analysis and output to a new level of clarity as a key tool for informing and shaping business strategy. It can also promote a productive collaboration outside traditional internal silos.
New ways have to be found for collecting, processing and analysing all of a firm’s data, including historical data that generations of systems upgrades have simply ignored because it is too hard to convert or upload.
The sobering picture that emerged from our series of global technology showcases is that IT has not been adequately engaged with the debate so far. This is not a universally gloomy picture though, some insurers used Solvency II as a catalyst to completely overhaul their systems and their data collection. IFRS 17 can be used to provide a similar stimulus.There is an urgent need to lock in senior management interest.
“A lot of communication and training has to happen. We have to be clearer and find a much more concise way of describing the convoluted problem.”